Money News

Nationwide: Consumers are not saving enough

Tue 9th Sep 2008

Britons are not saving as much as they need to, new research from Nationwide has found.

The monthly poll of 1,000 people discovered that 48 per cent of people were saving regularly in August 2008, an increase from June and July's figures of 46 per cent each but less than in April (54 per cent) and May (50 per cent).

Nearly two-thirds (60 per cent) of the consumers surveyed said they save less than they think they need to.

But 48 per cent believe they will be saving enough in six months' time.

Matthew Carter, director of savings at Nationwide, said the financial pressures on consumers were "a pity", but was encouraged by the optimism.

In related news, a new combined current and savings account has been launched by the Coventry Building Society.

The Coventry First account pays 5.6 per cent interest on the balance with a bonus of 0.85 per cent.

It is guaranteed to be 0.6 per cent (AER) above the Bank of England base rate for the first year.